With the launch of GTA 6 looming next year and hardware sales slowing down, Sony could be preparing to launch a PS5 Pro variant this year.

To boost PS5 sales in the latter part of the current console generation, Sony is rumored to release a Pro version of the device later this year. Since its November 2020 release, more than 50 million PS5 units have been sold, but the console's sales are declining. Sony anticipates selling four million fewer PS5s in fiscal year 2023 than its 25 million-unit target, meaning the Japanese electronics behemoth will fall short of its sales target.

CNBC was informed by industry analysts that Sony is expected to update its PS5 lineup in 2024. In addition to having upgraded hardware, the Pro model of the PS5 would probably cost more than the standard model. According to Serkan Toto, CEO of Tokyo-based gaming consultancy Kantan Games, "There seems to be a broad consensus in the game industry that Sony is preparing a launch of a PS5 Pro in the second half of 2024."

The analyst went on to say that the purpose of the PS5 Pro would be to update the system in time for the 2025 release of Grand Theft Auto 6, a game developed by Rockstar Games. One of the most eagerly awaited games of all time, Grand Theft Auto 6 is probably going to be a huge success and give the gaming industry a much-needed boost. Though a PC release has not yet been confirmed, GTA 6 is anticipated to boost sales of the PS5 and Xbox Series S/X. The game will debut on current-generation consoles.

In November of last year, Sony released a lighter and slimmer PS5 model with a detachable disc drive and slightly more internal storage. The PS5 Slim keeps the same price, graphical capabilities, and processing power as the original console. Significant improvements to the console's hardware would be brought about by a PS5 Pro, which would probably offer higher resolutions and better framerates.

It's also important to remember that Sony released the PS4 Pro version about three years after the November 2013 release of the original PS4. The more advanced PS4 Pro supported 4K resolution and had an improved GPU.

During its earnings call last week, Sony revised its full-year sales forecast for the PS5 down from 25 million units to 21 million units for the fiscal year 2023. With no significant franchise titles scheduled for 2024, the company also anticipated a gradual decline in PS5 sales starting in the upcoming fiscal year. In the third quarter of 2023, Sony sold 8.2 million PlayStation 5 units; however, the operating profit of the company's gaming division decreased by about 25%.